Lets face it – a lot of people are facing economic difficulties today. Even though the employment rate has gone down significantly since 2009, the wage rate has not gone up as inflation has slowly crept up. This is especially true in Chester County, where the average price of a house has gone up 5.3% over the past year. This squeeze in discretionary income has forced many people to look towards bankruptcy as a way of absolving their debts.
When filing bankruptcy, there are statutory protections called exemptions that allow someone to protect “things” that they own. These things can include cars, furniture, houses, bank accounts, savings, IRA’s and even animals.
Protecting Animals In Bankruptcy in Berks, Montgomery, and Chester County, Pa.
You might ask – why does bankruptcy protect animals? Animals are obviously our loving friends, but Pennsylvania has a long history of considering them chattel. Chattel in laymen’s terms means an object that has monetary value. Thus, in a bankruptcy, it is something worth protecting with an exemption.
Most animals don’t have value other than the love they give. However, in Chester County, there is a population of people that do own animals with a worth in more rural areas such as Chester Springs, Oxford, or Kennett Square. Such animals include horses that may have a value in their breeding worth. Maybe they were a thoroughbred at one time that may have valuable genes that others want to acquire. These types of animals can be protected in a Chapter 7 or Chapter 13 Bankruptcy. It is especially worth considering for those who live in Chester County, Montgomery county, or Berks county, and are considering filing a Bankruptcy.